It would cause much more damage to the US economy to let those three declare bankruptcy, yet we cannot just bail out every company and corporation that made a bad set of choices. What's worse?
A compromise: the US government should place sanctions on the CEO's for what they did to the stockholders who trusted them first. To keep everyone else in business, the property and assets of the Big Three should be bought by the Government and be managed by arbitrators or directors who have no stake in the companies. That would ensure no one would have reason to run the corporations into the ground again.